Turbogen (TURB) H1 2025 earnings summary

Executive summary

• Focused on developing multi-fuel microturbine CHP systems for local electricity and heat generation in buildings, addressing aging infrastructure and rising energy demand.

• No revenues yet; company continues to invest in R&D and business development, with ongoing efforts to secure funding for operations and growth.

• Significant capital raised through private placements, convertible loans, and grants, including new strategic partnerships and pre-sale agreements in the US.

Financial highlights

• As of June 30, 2025: total assets NIS 15.3M, total liabilities NIS 28.9M, equity deficit NIS 13.6M.

• Net loss for H1 2025: NIS 21.1M, compared to NIS 6.1M in H1 2024.

• Adjusted EBITDA for H1 2025: negative NIS 9.3M, compared to negative NIS 4.7M in H1 2024.

• Cash balance at June 30, 2025: NIS 11.3M; as of report publication, approx. NIS 17M.

• Negative operating cash flow for H1 2025: NIS 6.8M.

Outlook and guidance

• Ongoing negative cash flow expected due to continued R&D and marketing investments.

• Company aims to reduce cash deficit through further capital raising and commercial partnerships.

• Uncertainty remains regarding the impact of regional conflicts and macroeconomic conditions on future operations.